Since the previous Governing Council monetary policy meeting on 15-16 July, events in China had been the main driver of global financial markets, with significant spillover effects in commodity markets. The decline in oil prices had also triggered a downward adjustment in market-based measures of inflation expectations in the euro area and had contributed to a decline in bond yields and significantly higher market volatility. Nevertheless, the implementation of the asset purchase programme (APP) had been in line with the pre-defined targets and had not been hampered by the global developments and lower market ... (full story)